How a shadow banking crisis sent India’s autos sector into a tailspin [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
How a shadow banking crisis sent India’s autos sector into a tailspin Sudhir Gharpure and his sales team sat chatting at a big Maruti Suzuki dealership on the outskirts of Mumbai about two hours after its doors were opened on a recent Saturday morning – not a single customer was in sight. “There used to be close to 15 to 2 bookings each day, but now we’re down to three to five on good days,” said Mr. Gharpure, the general manager at the dealership. Mr. Gharpure’s experience is not an isolated one. Across India, dealerships are being pushed out of business and the Indian auto sector is going through its biggest slump in nearly two decades. Passenger vehicle sales fell for eight straight months until June, and in May sales dropped 2.55 per cent – the sharpest recorded fall in 18 years. Story continues below advertisement Preliminary data indicates passenger vehicle sales may have plunged as much as 3 per cent in July. The slump in India, along with a simultaneous slide in Chinese auto s
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